JP Morgan’s commodity sales fall February 20, 2014 JP Morgan Chase’s commodity revenues fell 12 per cent last year, the bank said in a filing yesterday, shedding new light on the unit as the bank prepares to sell its physical trading arm to Swiss-based trader Mercuria. It said principal transaction revenues in commodities were $2.073bn in 2013, down from $2.363bn the previous year [...]
Flybe to raise £150m to fuel its turnaround February 20, 2014 FLYBE is tapping investors for £150m to help fund its recovery plan under new chief executive Saad Hammad. The regional airline said the share issue – worth nearly twice the firm’s market value – will fund plane purchases to keep its rental costs down and allow the firm to revamp its routes. Flybe has been [...]
New year drop in commercial vehicle output February 20, 2014 COMMERCIAL vehicle production fell 14.6 per cent in January due in part to dwindling European demand and new green regulations, industry figures out yesterday showed. In the month, 6,681 units rolled off production lines, with home and export markets both seeing falls, according to the Society of Motor Manufacturers and Traders (SMMT). “New Euro-6 engine [...]
Buses beat goals at Go-Ahead but train earnings near a cliff February 20, 2014 GO-AHEAD’S bus business is growing revenues, though returns from the firm’s rail franchises are suffering as the contracts near their end dates. The transport group said yesterday its revenues rose 5.7 per cent to £1.37bn for the six months to 28 December, while pre-tax profits jumped 30.8 per cent to £40.3m. Margins were also higher, [...]
Brazilian stake on the menu for Air France as it climbs to a profit February 20, 2014 AIR FRANCE KLM swung back to an operating profit last year, the airline revealed yesterday alongside a $100m (£60m) plan to invest in Brazilian carrier Gol. The firm said revenues rose 2.3 per cent at constant currency to €25.5bn (£21bn) and operating profits came in at €130m, compared to a loss of €336m in 2012. [...]
City Moves for 21 February 2014 | Who’s switching jobs February 20, 2014 Jones Lang LaSalle Christopher Shead has joined the real estate services firm as a director in its renewable energy capital team. He was previously at FIM Services, where he led its renewable investment division. Before that, Shead worked in the global climate and renewables business at E.On. Nomura The investment bank has appointed David Hague as [...]
Best of the Brokers for 21 February 2014 February 20, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com HENDERSON GROUP Canaccord Genuity downgraded the investment management company from “buy” to “hold” with a target price of 235p. The broker’s previous recommendation was based on the now-completed turnaround reorganisation. Canaccord now recommends profit taking. BIG YELLOW GROUP Jefferies retained its “buy” rating [...]
London Report: Bears point to China yet FTSE still edges up February 20, 2014 BRITAIN’S top shares edged higher yesterday, tracking gains in US stocks but pinned back by miners after China’s factory activity dropped, while BAE Systems slid after forecasting a decline in earnings this year. The FTSE 100 staged a late recovery, tracking Wall Street higher after strong US manufacturing data. Basic materials stocks, including miners, exerted [...]
New York Report: Facebook and Tesla prompt rise in shares February 20, 2014 US STOCKS climbed yesterday after a data reading on manufacturing activity hit its highest in nearly four years, while news about Facebook and Tesla drove their shares to record highs during trading. US factory activity accelerated at its fastest pace in nearly four years in February, according to Markit’s preliminary US manufacturing purchasing managers’ index, [...]
European retail investment at 2006 highs February 20, 2014 Investors splurged €15.5bn (£12.7bn) on European retail assets in the fourth quarter of last year – the highest quarterly total since the same time in 2006 and almost double the amount spent in the third quarter. According to the latest research from property advisors CBRE, 2013 was by far the strongest year for retail [...]